Lot loan terms

aggiefan2002

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WhaI are typical terms for a lot loan? Looking at a lot that's about $150k and would hold it for 6 months before beginning construction.

aggiefan2002

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6:15a, 2/23/17

Anyone?

El_Gato

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12:42p, 2/23/17

AG

Typically a lot loan would be a 12 month interest only loan which would get rolled into the eventual construction loan. I can help you out if your located in Houston. The loan would be at 80% of the purchase price.

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aggiefan2002

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2:27p, 2/23/17

What would interest only be for 120k lot loan (150k purchase price with 20% down)?

El_Gato

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8:00a, 2/24/17

AG

I would expect the rate to fall somewhere between 4-4.5%.

MAS444

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8:23a, 2/24/17

AG

Does a construction loan have the same qualification guidelines as conventional home loan?

SteveBott

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In reply to MAS444 • 1:55p, 2/24/17

AG

In general yes.